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Thursday, 19 March 2015

Digitalization the Answer to Low Oil Prices - 19/03/2015

Digitalization the Answer to Low Oil Prices

‘Low oil prices are going to halt any progress to the digital oilfield’. This would be the obvious answer for many when questioned how declining oil prices would impact oilfield analytics projects.However, after interviewing major oilfield service companies and operators including Schneider Electric, Rosetta Resources, Baker Hughes and GE the response was quite the opposite.You can access the full 3000 word oilfield digitalization analysis here: http://bit.ly/digitalization-oilpriceNaturally, oil price volatility has caused a halt to many major CAPEX projects. However, there is overwhelming evidence that data and analytics projects can lead to great cost-savings and optimized production, such as through reservoir simulation and predictive maintenance. For some, now is the time for operators to implement analytics and become better at spotting opportunities to reduce OPEX and increase production.Do you agree with Schneider Electric, Rosetta Resources, Baker Hughes and GE?